Advice: Want snowbirds or rental company

[Scapegoat1]

what is a 1031, I am renting mine but I believe it is finaince as a second home.

[Havasu1986]

what is a 1031, I am renting mine but I believe it is finaince as a second home.
I'm no tax expert, but what we had to do when we sold rental property A and bought rental property B was take the profits from A and "park" the money in a special bank account which costed us about $350. Then when we bought property B, they take the money out of that account and put it towards that house. The special bank account is set up so the $$ never gets in your hands. You only have a certain amount of time to make the 2nd transaction.

[djunkie]

We use Coldwell Banker. Easy as can be. They take care of everything. We're getting $1,250/month plus they pay our electric bill. We had them add it in after the 2nd year cause the renters ran up the bill over $100 1 month. I guess they like the house really warm.

[Havasu1986]

We use Coldwell Banker. Easy as can be. They take care of everything. We're getting $1,250/month plus they pay our electric bill. We had them add it in after the 2nd year cause the renters ran up the bill over $100 1 month. I guess they like the house really warm.
Same here..but $35 to change the battery in the smoke detector seemed kinda high to me. My renter can't get up on a 8' ladder.

[djunkie]

Same here..but $35 to change the battery in the smoke detector seemed kinda high to me. My renter can't get up on a 8' ladder.
When something needs to be done to the house (which really hasn't been much since the house is only 4 years old) they do call us first and ask us if they want them or us to take care of it. We usually just call the guy who built our home, and he runs over and takes care of it for us. And I always change the batteries myself every summer.

[Havasu1986]

When something needs to be done to the house (which really hasn't been much since the house is only 4 years old) they do call us first and ask us if they want them or us to take care of it. We usually just call the guy who built our home, and he runs over and takes care of it for us. And I always change the batteries myself every summer.
I will be doing that as well. djunkie..did you fill out the new contract yet. I think I'm going to go year to year from now on with CB.

[djunkie]

I will be doing that as well. djunkie..did you fill out the new contract yet. I think I'm going to go year to year from now on with CB.
Yes we did. We are year to year with them also. We have to sign a new contract every year but I'd rather have it that way. That way we can renegotiate if need be or drop them. As of right now this may be our last year renting for a little while.

[Havasu1986]

Yes we did. We are year to year with them also. We have to sign a new contract every year but I'd rather have it that way. That way we can renegotiate if need be or drop them. As of right now this may be our last year renting for a little while.
My renter who I have had for about 5 years wants to go direct with me like he does in the summer in Colorado. But I think the hassle, tax forms etc. may not be worth the extra $$$.

[djunkie]

My renter who I have had for about 5 years wants to go direct with me like he does in the summer in Colorado. But I think the hassle, tax forms etc. may not be worth the extra $$$.
See if he'll pay you cash. I agree. The hassle with the paperwork alone makes it worth having the agent IMO.

[Havasu1986]

See if he'll pay you cash. I agree. The hassle with the paperwork alone makes it worth having the agent IMO.
If my house wasn't listed as a rental, I would probably do that. But I don't want to screw myself down the road with Uncle Sam.